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Tesco fined tens of millions for accounting fraud

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By Christopher Cummins  with AGENCIES
Tesco fined tens of millions for accounting fraud

<p>Tesco is to pay a £129m fine to avoid prosecution over a 2014 accounting fraud.</p> <p>Between February and September of that year Tesco misled investors by issuing a trade statement overstating its profits.</p> <blockquote class="twitter-tweet"tw-align-center data-lang="en"><p lang="en" dir="ltr">Tesco has agreed to pay a penalty of £129m relating to false accounting at Tesco Stores in 2014 <a href="https://t.co/4h3lju0UrL">https://t.co/4h3lju0UrL</a> <a href="https://t.co/UjYdOR3bES">pic.twitter.com/UjYdOR3bES</a></p>— Financial Times (@FT) <a href="https://twitter.com/FT/status/846655111640354816">March 28, 2017</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>One month later Tesco said it had boosted profit figures by £250m, it was later revised to <br /> £326m.</p> <p>The retailer has also agreed to spend £85m on compensating investors.</p> <blockquote class="twitter-tweet"tw-align-center data-lang="en"><p lang="en" dir="ltr">Tesco is nearing the end of its darkest chapter <a href="https://t.co/tUxEdwn2qP">https://t.co/tUxEdwn2qP</a> via <a href="https://twitter.com/Bfly"><code>Bfly</a> <a href="https://t.co/DyhSypvWrQ">pic.twitter.com/DyhSypvWrQ</a></p>— Bloomberg (</code>business) <a href="https://twitter.com/business/status/846578007590539264">March 28, 2017</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>To qualify investors must have bought more shares than they sold during the offending period. </p> <p>Tesco said it had fully accepted the regulator’s findings that the company abused the market.</p>